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MINISTRY OF FINANCE Final Assessment

ACADEMY OF FINANCE Subject: Accounting Theory
Serial Number: NT-011/2019 Time duration: 90 mins
PART A: (5 marks)
a/ Which principle/guideline requires a company's balance sheet to repmi its laud at the
amount the company paid to acquire the land, even if the land could be sold today at a
significantly higher amount? HISTORICAL COST
bl A very large corporation's financial statements have the dollar amounts rounded to the
nearest $1,000. Which accounting principle/guideline justifies not rep01iing the amounts to
the enny ( ti�n le)? MATERIALITY
Question c/ Under the accrual basis of accou11ti11g, when do revenues report in the accounting period?
1 WHEN PERFORM SERVICES
di Near the end of the cmTent year, a company required a customer to pay $200,000 as a deposit
for work that is to begin in the following year. At the end of the current year the company
reported the $200,000 as a liability on its balance sheet. Which accounting principle/guideline
prevented the company from repmting the $200,000 on its income statement for the current
year? MATCHING ( doanh thu va chi phi phai ghi nh�n vao cimg mqt kl ki toan, chi phi
va doanh thu se phat sinh trong nam sau nen ni'im nay chua dm}'c ghi nh�n vito IS mit
hai hi nhan nlnr milt khoan liabili )
al Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on
the balance sheet and are referred to as ASSET
b/ Obligations (amounts owed) are reported on the balance sheet and are referred to
Question as LIABILITY
2 c/ Which of the following characteristics does not describe an asset? 1) Requires the payment
of cash or Controlled by an entity?
di Which of the following characteristics does not describe a liability? Present obligation or
Must be le all enforceable?
a/ What is another name for income statement?
Question Income statement = P/L statement= Statement of Financial Performance
3 Balance Sheet = Statement of Finacial Position
b/ Which of the following would not be a current asset? 1/Accounts Receivable. 2/ Fix asset. 3/
Pre a ent to su liers. 4/ Su lies
c/ c/ Which of the following will be included in the adjusting entry to accrue interest income
or interest revenues? 1/ A Debit To Cash. 2/A Debit To Interest Income. 3/ A Credit To
Interest Receivablen. 4/A Debit To Interest Receivable
di Janette wants to find what portion of the business that she owns. Her asset and liabili
accounts show: Cash $1000, Motor vehicle $25 000, Plant $3000,
Edi j]IJ, Inventories $10 000, Debtors $5000 and
owner is: -----
Xac djnh ASSET, LIABILITY

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EQUITY= ASSET - LIA= 22 000

Make entries for the following transaction:
a/ Purchase mechandises paid by cash at bank: 6,000. Transportation expense paid by cash on
hand: 50. ( KHONG DlJQC G()P HAI BUT TOAN )
Question DR Machandises
4 Cr cash at bank

Dr transportation expense
Cr cash on hand

bl The charge for the year for depreciation on Office Equipment owned by ABC Ltd was
calculated to be $6,000
Dr depreciation expense
Cr accumulated denreciation
cl Company A paid for advertising services in the period with $1,000
Dr advertising expense
Cr cash
di ABC Ltd. purchased $2,000 of stock on credit from a supplier.
Dr stock
CrAP
On 01/01/N, A Company had information about Merchandise M as follows: (CU: I 000 VND).
Quantity of opening inventory 700 kg, unit cost: 250; On 12/1 purchased and dispatched
merchandise M to storage with total 150.000; On 21/1 issued 600 kg for sale; On 30/1 issued
Question 500 kg for sale. Total value of merchandise M issued: 275.000 (using weighted-average
method)
a/ Determine the quantity of M purchased and dispatched to storai,e. 600 units
bl Determine the unit price of the merchandise M when disoatch to storwe. 250
cl Determine unit cost of Kat the time of issued 250
di Determine the closini, inventory value for K. 50 000

PARTB: (5 marks)
Question 6
These following transactions were extracted from A Company's accounting records in
December of yearN (CU: VND million)
1. Purchased and dispatched goods to storage: total purchase price was 250. Company A
already paid 210 of total value by cash, the remaining amount would be settled by next
period.
2. Total payable to employees incurred in December/N: 41. Salary payments in cash: 35
3. Prepaid for 3-month insurance services expense starting from December/N by cash:
30
4. Electricity payments in cash: 36, including 24 for the payables from the previous
period and 12 for current period's power usage.
5. Renting fee payments of December for Selling Department in by cash in bank: 12
6. All goods purchased from transaction (1) were issued for cash sales: 320 and credit sales:
40
Required: Determine A Company's business performance (revenue, expenses and
profits) in December/Nin some following cases:

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(a). A Company applied cash basis accounting

(b). A Company applied accrual basis accounting
Transactions Cash basis Accrual basis
Revenue Expense Revenue Expense
1 210 250
2 35 41
3 30 10
4 36 12
5 12 12
6 320 360

Question 7
Mary's Accounting Company has the following account balances: Cash, $5,000;
Accounts Receivable, $2,000; Prepaid Rent $1,500; Supplies, $850; Equipment, $6,000;
Trucks, $15,000; Accounts Payable, $2,500; Owner's Capital, $20,000; Retained

l
Earnings $7,850.
Business transactions during December are presented as follows:
1. Received cash from clients for services performed, $4,500
Dr cash
Cr service reve11 ue
2. Paid to suppliers $500,
Dr AP
Cr cash
3. Paid office rent for the month of December, $750,

Cr cash
4. Company billed client for accounting services on account, $5,200
DrAR
Cr acrrual revenue
5. Supplies were purchased on account, $650,
Dr supplies
Cr AP
6. Company received cash from clients billed previously, $6,000

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Dr cash
CrAR
7. Company received an invoice for office equipment repair services from Office
Extra for December (the invoice will be paid next month), $850,
Dr
CrAP
8. Company paid monthly salaries, $2,700,
Dr
Cr cash
9. Utilities expense were paid, $280,
Dr
Cr cash
I 0. Miscellaneous expense were paid, $350,
Dr
Cr cash
11. Dividends were paid, $550
Dr dividends
Cr cash
12. To close revenue to IS
Dr revenue
Cr IS 4 500
13. To close expense to IS
Dr IS 4 930
Cr expense
NET LOSS= 4500 - 4930 = ( 430)
14. To close IS to RE
Dr RE
Cr IS 430
15. To close dividends to RE
Dr RE 550
Cr dividends 550

Requirement:

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Prepare Journal entries for December (Accounting period is monthly)

Prepare General Ledger of Retained Earnings
Opening balance 7850
Net loss (430)
Dividends (550)
Closing balance 6870

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- - .cccc--c---_-_-_,� - - - - --- - ---�--------�- -----_:. - . -_- -.-

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- The accounting book exchange rate$ 1 = VND 23,2 (mobile weighted)

- The customs va 1ue oft he goods:$ 4 500
ABCCo XYZCo
Cost of goods = 4.000 x 23,1 + 500 x No record
23,2 = 104.000
Import tax = 4.500 x 23,1 x 20% =
31.185
VAT= (4.500 x 23,1 + 31.185) x 10%
=13.513,5
+ Dr ace 1561 135.185
Cr ace 331 104.000
Cr ace 3333 31.185
+ Dr ace 135 13.513,5
Cr ace 33312 13.513,5
+ Dr ace 642 2.320
Cr ace 1122 2.320

4. XYZ paid on behalf of the import trustor all kind of tax payable to the
government budget by VND in bank
ABCCo XYZCo
Dr ace 333 44.698,5 Drace 1388 44.698,5
Cr ace 3388(XYZ) 44.698,5 Cr ace 1121 44.698,5

5 .ABC paid import entrustment fees to XYZ by VND in bank of 8.800 (inclusive
ofVAT 10%)
ABCCo XYZCo
Dr ace 1562 8.000 Dr ace 1121 8.800
Dr ace 1331 800 Crace 511 8.000
Cr ace 1121 8.800 Cr ace 333 800

6.After offsetting receivables against payables at the end of the transaction, XXY
received the balance due from ABC by VND in bank. XYZ tranfered the rest to
the exporter by USD in bank. The approximate exchange rate is$ 1- VND 23,1,
.
Thc accountmg b00k exchange rate $ 1= VND 23,2 (mob"l1 e we1g . hte d)
ABC Co XYZCo
Dr ace 331 500 X 23,2 = Dr ace 1122 500 X 23,1 = 11.500
Cr ace 1122 500 X 23,2 Cr ace 3388 11.500
Dr ace 3388 44.698,5 Drace 3388 103.950
Cr ace 1121 44.698,5 Cr ace 244 4.000 X 23,1 =
Cr ace 1122 500 X 23,1 =
Drace 1122 44.698,5
Crace 1388 44.698;5

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Question 7:
PHAT DATCo uses a perpetual inventory system and tax deduction
method. During the period, the following transactions occurred. (VND: 1.000)
1. Received $2.000 in advance of customers according to agreements on
sale of goods. The approximate exchange rate: $ 1= VND 22,4. The accounting
book exchange rate $ 1= VND 22,2
Dr ace 1122 2.000 x 22,4 = 44.800
Cr ace 131 44.800
2. Delivered goods to the Hai Phong Port. The cost of good was VND 120.000.
Dr ace 167 120.000
Cr ace 1561 120.000
3. Completed the export procedures. The selling price of the goods was$ 10.000.
All expenses related to exp01t was paid by cash in Bank of VND 11. 000
(inclusive of VAT 10%). Paid the export tax to government budget by VND in
bank
Some related info1mation on the import as follows:
- The approximate exchange rate:$ 1= VND 22,45
- The export tax on goods: 10%;
- The Customs rates of exchange:$ 1= VND 23,1
Value of export goods = 2.000 x 22,4 + 8.000 x 22,45 = 224.400
Export tax = 10.000x23,l x 10%=23.100
+ Dr ace 131 224.400
Cr ace 511 224.400
+ Dr ace 632 120.000
Cr ace 157 120.000
+ Dr ace 511 23.100
Cr ace 3333 23.100
+ Dr ace 641 10.000
Dr ace 1331 1.000
Cr ace 1121 11.000
+ Dr ace 333 23.100
Cr ace 1121 23.100
4.After offsetting receivables against pre-payables of customer at the end of the
transaction, the remaining will be paid by USD in bank.
The approximate exchange rate: $ 1 = VND 22,5
Dr ace 1122 8.000 x 22,5
Cr ace 131 8.000 x 22,45
Cr ace 515 8000 x 0,05
Instructions:
Make entries in the books of PRAT DAT

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Question 8:
SUN Co (the export trustor) and MOON (the export tr ustee) both use a
perpetual inventory system and tax deduction method. During the period, the
following transactions occurred. (VND: 1.000)
1. SUN consigned goods to the export trustee under economic contracts costing
ofVND 100.000 , value of contract $10.000. The transportation cost was paid in
VND on hand (inclusive of VAT 10%) 3.300, export entrustment fees 1% on
value of contract

SUN MOON
Dr ace 157 100.000 No record
Crace 1561 I00.000
Dr 641 3.000
Drl331 300
Cr 1111 3.300

2. MOON completed the export procedures. The selling price of the goods was
$ 10.000. MOON paid on behalf of the export trustor all expenses that related to
export by VND on hand of 11.000 (inclusive ofVAT 10%) and export tax. The
. I Oo/co. The customs rates o f exchange was $ 1 VND 23 ,2 .
export tax on goo d s 1s
SUN MOON
Value of export goods 10.000 x23
= = Dr ace 1388 34.200
230.000 Cr ace 1121 34.200
Export tax 10.000 x 23,2 x 10% =
=

23.200
Dr131 230.000
Cr 511 230.000
Dr632 100.000
Cr157 100.000
Dr 511 23.200
Cr 3333 23.200
Dr641 10.000
Cr 1331 1.000
Cr 3388 11.000
Dr ace 333 23.200
Cr3388 23.200

3. The buyer paid in full the amount to MOON by$ in bank.

SUN MOON
No record Dr ace 1122 230.000
Cr ace 3388 230.000

4. SUN paid the amount including all expenses, export entrustment fees and
export tax to MOON by VND in bank.
I SUN I
MOON

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Dr ace 3388 34.200 Dr ace 1121 34.200

Cr ace 1121 34.200 Cr ace 1388 34.200
5.After offsetting receivables against payables, the balance was paid by
USD in bank
SUN MOON
+ Dr ace 641 230.000 x I%= 2.300 Dr ace 1121 2.530
Dr ace 1331 230 Cr ace 511 2.300
Cr ace 1121 2.530 Cr ace 333 230
+ Dr ace 1122 230.000 Dr ace 3388 230.000
Cr ace 131 230.000 Cr ace 1122 230.000

Instructions:
Make entries in the books of SUN Co and MOON Co
Both companies use approximate exchange rate: $ I= VND 23

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